Life insurance is a contract insurance policy that pays out your dependants as a lump sum or a regular payment if you expire. The main aim behing this insurance policy is to look after your dependants when you’re not around. The lump sum amount they get can be helpful for your family members in the paying bills like expenses, food bills & schooling. The cost of the policy varies with the age, health & lifestyle and the period of time you want to cover for.
The main types of life insurance cover?
- Level-term life insurance: This insurance pays out a fixed amount of money for a specific period of time, which is choosen during purchasing. If you die within the specific choosen period, the policy will pay lump sum to the dependants.
- Decreasing term life insurance: This insurance is a fixed term policy which aim the people whose financial commitments reduce gradually. This insurance is usually cheaper that the Level-term life insurance policy.
- Whole of life insurance: This insurance policy is a life-time assurance policy that lasts throughout your life, hence as long as you live, you have to pay monthly payments for this insurance.
- Joint life insurance: This insurance policy covers two persons (usually couple), but it can be claimed only once. The lumpsum payment is done to the survivor when the first person dies, hence the policy is ended there, the second person cannot claim the amount again, so he must register withy another policy.
- Over-50s life insurance: This insurance policy will offer less amount as the life span of the insurance holder is very less, hence the amount can be used for the funeral expenses.
Hence, life is unpredictable, life insurance policy is a good option to safegaurd your family in tough times, hence Compare Super Market offers all the best insurance policies from the various insurance companies, hence user will have an option to compare all the insurances & choose the best one.